Do the memory requirements specified for Knoppix include only physical memory (RAM), or do they also include any swap?

I'm wondering about being able to run Knoppix on older machines that typically have 32M or less of RAM. I'd like to be able to run X, as well as several applications, (though not Open Office). On an older machine with 32M or less of RAM, but with a hard drive on which, say, 256M were setup as swap, would it work?